Gold futures were glimpsing in the overseas market after the dollar depreciated against the major currencies in the foreign currency exchange market, which has lured foreign investors to expand the position in ever glowing metal.
Depreciation of dollar came after the China’s Central Bank Governor Zhou Xiaochuan expressed hopes to resolve European prolonged debt crisis. He also spelled out to give China’s support for Europe. The news has increased risk appetite for financial stocks and dollar priced commodities during the electronic trading.
During the early trade, Gold futures were up $11 to $1,729 an ounce in New York Mercantile Exchange. On domestic front, Gold futures were up marginally by 0.08% to Rs.28,111 per 10 grams due to strong global cues.
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